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SB 7048 Florida Senate · 2026 Regular Session

Internal Revenue Code

Summary
Internal Revenue Code; Revising the definition of the term “Internal Revenue Code”; providing for retroactive application; requiring the Department of Revenue to adopt rules; authorizing the Department of Revenue to adopt emergency rules, etc.
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2026
Committee Review
Floor Vote
Governor
Introduced Feb 26, 2026 Last action Mar 6, 2026
Maddy AI version diff · 2 comparisons

What changed between versions

S 7048 c1 → S 7048 pb · 5 edits
MODERATE
The bill was revised to shift the effective date for federal tax changes from January 1, 2025 to January 1, 2026, and to prohibit the retroactive application of certain federal tax amendments. It also added detailed rules requiring taxpayers to add back specific deductions (like bonus depreciation and interest expenses) to their state taxable income for years beginning after 2025, ensuring Florida tax calculations do not automatically follow recent federal tax cuts.
Scope change
The bill's scope expanded to explicitly address adjustments for specific federal tax acts and to define how those adjustments apply to various business entities, including insurance companies and real estate investment trusts.
TIMELINE

The reference date for the Internal Revenue Code was changed from January 1, 2025 to January 1, 2026, meaning state tax calculations will lag federal changes by one year rather than adopting them immediately.

The expiration date for the emergency rulemaking authority was added, set to expire on July 1, 2027.

REQUIREMENT

New provisions require taxpayers to add back 100% of certain federal deductions, such as bonus depreciation and business interest expenses, to their Florida taxable income for years beginning after 2025.

The bill now mandates that taxpayers reverse the effects of specific federal tax changes (like the creation of Section 174A for R&D expenses) by adding back the deducted amounts to state taxable income.

DEFINITION

A new subsection was added to the definitions section to clarify that federal amendments affecting taxable income for years before 2026 cannot be applied retroactively.

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
15
Key actions
4
Committee
5
Mar 3, 2026
Upper · Passed
Pending reference review -under Rule 4.7(2) - (Committee Substitute)
upper
Feb 26, 2026
Introduced
Introduced
upper
Feb 25, 2026
Upper · Passed
On Committee agenda-- Appropriations, 03/02/26, 12:00 pm, 110 Senate Building
upper
Feb 25, 2026
Committee
Referred to Appropriations
upper
Feb 25, 2026
Upper · Passed
Submitted as Committee Bill and Reported Favorably by Finance and Tax; YEAS 7 NAYS 0
upper
Feb 20, 2026
Upper · Passed
On Committee agenda-- Finance and Tax, 02/25/26, 1:30 pm, 301 Senate Building
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.